Spanish government upbeat about property

Friday June 27th , 2008

The Spanish government remains upbeat about the country's property market, claiming the slowdown will be over by late 2009, it has emerged.

According to a Reuters report, the nation's housing minister Beatriz Corredor has stated that economic and property sector recovery will begin in the second half of next year.

She added that the current slowdown had been needed to correct the rapidly rising house prices, which had tripled in the ten years leading to 2007.

House prices have fallen by six per cent since hitting their peak last July, the publication notes.

The news agency also stated that economy minister Pedro Solbes has claimed the slowdown will not worsen.

Meanwhile, BuyAssociation's property editor Paul Collins recently said that now is an ideal time to buy property overseas as there are some "great deals", especially in markets which are slowing down.

In particular, he cited property in Spain as a market which boasts some bargains.